The Massachusetts Division of Banks has issued 43 temporary cease-and-desist orders against 43 mortgage originators that did not meet the state's licensing requirements.
The Division of Banks charged that the affected brokers failed to meet aspects of the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008, (SAFE Act). Among the violations cited were the failure to complete 20 hours of pre-licensing education, failing the Massachusetts SAFE Mortgage Loan Originator Test and the National SAFE Mortgage Loan Originator Test, and not submitting fingerprints for a national criminal background check.
SOURCE: Massachusetts Division of Banks